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The global Neuroscience market size was estimated at USD 45.07 billion in 2023 and is expected to reach USD 70.75 billion by 2031, registering a compound annual growth rate (CAGR) of 5.80% during the forecast period from 2024 to 2031, according to a new market research report by SNS INSIDER.
Rising Prevalence of Neurological Disorders and Increasing R&D Focus Driving Market Expansion
Market Scope:
The immense potential of neuroscience is overshadowed by the complexity of the brain itself. Developing treatments for neurological disorders is a frustrating maze. Our limited understanding of how these diseases progress makes pinpointing effective drug targets difficult. Even promising medications often fail to clear the blood-brain barrier, a selective gateway that shields the brain. These hurdles translate to high failure rates in clinical trials, discouraging investment and stalling progress. This creates a vicious cycle – the very diseases that demand innovative solutions stifle the market that could deliver them.
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List of Neuroscience Companies Profiled in Report:
- Carl Zeiss AG
- Danaher Corporation
- GE Healthcare
- Siemens Healthcare Private Limited
- Koninklijke Philips N.V.
- Canon Inc.
- Braun SE
- Medtronic
- Stryker
- Boston Scientific Corporation
- ABBOTT
- Terumo Corporation
Demand Analysis:
The demand for neuroscience-based solutions is undeniably on the rise. This surge can be attributed to the alarming prevalence of neurological disorders like Alzheimer’s disease, Parkinson’s disease, and depression. According to the World Health Organization (WHO), neurological disorders affect nearly one billion people globally, making them a leading cause of disability and death. This growing disease burden necessitates the development of more effective diagnostic tools and therapeutic interventions, propelling the neuroscience market forward.
The aging population worldwide is another factor contributing to the rising demand for neurological solutions. As people live longer, the incidence of age-related neurodegenerative diseases increases. This trend underscores the need for early detection and treatment of neurological conditions, creating a fertile ground for the neuroscience market to flourish.
Neuroscience Industry Segmentation as Follows:
By Component
- Instruments
- Consumables
- Software & Services
By Technology
- Brain Imaging
- Neuro-Microscopy
- Stereotaxic Surgeries
- Neuro-Proteomic Analysis
- Neuro-Cellular Manipulation
- Others
By End User
- Hospitals
- Diagnostic laboratories
- Research and Academic Institute
Segment Analysis:
Neuroscience technology can be segmented by its approach to studying and manipulating the nervous system. Brain imaging, encompassing techniques like MRI and PET scans, holds the largest market share at roughly 40%, offering a non-invasive view of brain structure and function. Neuro-microscopy, zooming in on individual neurons, claims around 15%, crucial for detailed cellular analysis. Stereotaxic surgeries, precisely targeting brain regions for treatment or research, make up 10%. Neuro-proteomic analysis, exploring protein expression in the brain, and neuro-cellular manipulation techniques like optogenetics each capture around 5% of the market, offering powerful but specialized functionalities. The remaining 15% encompasses a diverse range of emerging technologies constantly shaping the field of neuroscience. This segmentation allows researchers and companies to target specific needs within the ever-growing neuroscience market.
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Regional Analysis:
- North America (38.6% revenue share in 2023): Largest market propelled by advanced healthcare infrastructure, robust R&D activities
- Europe (27.9%): Growing prevalence of age-related neurological disorders, focus on developing novel therapies contributing to market growth
- Asia Pacific (21.4%): Rapidly expanding market due to increasing disposable incomes, improving healthcare facilities
Recent Developments:
- In 2023, Biogen received FDA approval for a novel Alzheimer’s therapy, expanding treatment options for the cognitive disorder
- Roche and Prothena partnered in 2022 to develop new therapies for Parkinson’s disease and other neurodegenerative disorders
- Increasing R&D in areas like regenerative medicine, brain-computer interfaces, and digital therapeutics for neurological conditions
Key Takeaways:
- Increasing prevalence of neurological diseases like Alzheimer’s, Parkinson’s, and rising investments in neuroscience R&D are major growth drivers
- The neurology segment accounted for the largest revenue share in 2023 driven by growing demand for treatments for neurological conditions
- North America dominated the market in 2023 owing to high healthcare spending, strong pipeline of neuroscience therapeutics
- Asia Pacific is anticipated to register the highest CAGR from 2024-2031 driven by increasing healthcare access, rising disease burden
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Neuroscience Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Neuroscience Market Segmentation, By Component
Chapter 9 Neuroscience Market Segmentation, By Technology
Chapter 10 Neuroscience Market Segmentation, By End User
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…
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